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How EMV Cards Reduce Fraud

January 5, 2017

EMV chip card technology is named after its developers, Europay, Mastercard and Visa. It was developed in order to protect cardholder data and reduce fraud. The technology has been deployed to over 80 countries due to its success in providing more secure credit card usage.

How Does EMV Prevent Fraud?

The chips in the cards are tamper-proof and almost impossible to reproduce. There’s a unique code for every transaction that’s created with a chip card which provides extra protection for both businesses and consumers. In European countries alone since the adoption of this technology, counterfeit card fraud has dropped by 91% and fraudulent purchases have dropped by 98%.

How has EMV Improved Things In The US?

In 2015, according to First Data, businesses in the US were lated to lose $10 billion due to fraudulent credit card activity. That’s a lot of money that’s being stripped away from your business revenue! According to Creditcards.com, chip card enabled merchants have seen a 47% drop in fraudulent activity. Yet, for businesses who have not yet enacted the new technology Mastercard has seen a 77% increase in fraudulent activity.

If your business has its own credit card associated with it, it might be time to make the switch to EMV technology. it could save you quite a bit in the long run and your customers will feel protected.

CIM USA has the technology for you to create and ship your own store credit cards. Don’t delay in making this important transition any longer!